Foreclosure Prevention

CNAHS offers free, comprehensive foreclosure prevention services.  The Foreclosure Prevention Program takes an in-depth approach in helping homeowners:

  • evaluate and review options;
  • review budgets to decrease expenses and increase income;
  • apply for loan modifications or pursue other foreclosure prevention options such as short sale;
  • provide comprehensive referral resources to other agencies and assistance; and
  • educate and empower homeowners to better understand their financial commitments and deal with future challenges. 

If you are a resident of Cambridge, Somerville, Arlington, Belmont, or Watertown and are . . .

1. Having trouble paying your mortgage or are behind in payments,
2. Risking foreclosure on your property, or
3. A victim of Predatory Lending,

Please call Beya at (617) 491-1545 x200 to set up an appointment to meet with a counselor.

Our Services are Free of Charge, Please call today and we will help you!

Beware Loan Modification Scams!

Loan modifications scams are changing every day. Read descriptions or watch a video of some of the most common scams to avoid. We offer free legitimate loan modifications. Call our office at (617) 491-1545 if you have trouble paying your mortgage, need assistance with a loan modification or have received a scam modification letter.

Saving Brian's Home from Foreclosure

Brian came to CNAHS because he was late on his mortgage payment and wanted to keep his family in their single family Somerville home.

Brian had previously tried to work with his lender to modify his mortgage but was unsuccessful - he had received a $330,000 loan in 2006. He had a full time job with overtime, while his son worked two jobs and his wife worked full time. The first mortgage Brian got was at a 7.25% rate and the 2nd, at 8.25%. When Brian's employer reduced his income as a result of slow business, his wife took ill at the same time and had to work part time. These events, together with the responsibility he had towards his son's tuition fees made it inevitable that Brian's mortgage payment would be in default.

The Staff at CNAHS worked with the family to create a reasonable plan to increase their income. Brian’s son got a full time job and went to school part time while he sought additional part time work. The CNAHS staff also worked diligently to analyze the mortgage default, explain the collection and foreclosure process and identify relevant community resources. Ultimately, a goal oriented action plan was developed for Brian’s family to increase income and decrease expenses.

Brian’s family was referred to a CNAHS partner agency, Somerville Community Corporation, who provided assistance with financial literacy, in-depth money management, counselling and the creation of a feasible month spending plan.

After 12 months of negotiating with the first mortgage lender, Brian received a mortgage modification on his first payment at a beginning interest rate of 2% and capped at 4.875% in year 8, with a monthly savings of $1,039.  After 5 months of negotiating with the second mortgage lender, Ashok received a mortgage modification with a paymentinterest rate of 1% for the life of the mortgage with a monthly savings of $257.07.

The total monthly payment savings for Brain and his family was $1,296.07. Both Brian’s family and the Staff at CNAHS were ecstatic about the savings. Staff has, however, advised Brian to implement a savings plan to build up a 3-6 month cash reserve for emergencies.

With clear guidance and advice, CNAHS Staff successfully provided assistance to Brian and his family – an effort that helped them remain in their home and avoid foreclosure.

 

*Homeowner’s name has been changed.

Click here to read testimonials and successes of other past Foreclosure Prevention clients! CNAHS has been featured on Somerville Community Access Television for its foreclosure prevention efforts - watch the video here!!